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Lannett Co Acquires Two Philadelphia Industrial Bldgs for $9M

Investors Sell 648,000 SF in Two Transactions
January 29, 2014
Lannett Company, a Philadelphia-based manufacturer and distributer of affordable generic medications, acquired the industrial building at 11501 Roosevelt Blvd. in Philadelphia, PA from Bridgeblocks Partners II LP for $5 million, or about $26 per square foot.

The 196,000-square-foot distribution building was constructed in 1969 with renovations in 2000. The building is situated on 15.3 acres and contains three loading docks and 32-foot ceiling heights.

In a separate transaction, Lannett Company also purchased the adjacent industrial building at 11601 Roosevelt Blvd. in Philadelphia from Inrevco Associates LP for $4 million, or about $9 per square foot.

This 452,262-square-foot manufacturing building was constructed in 1963 on 23 acres in the Greater Northeast Industrial submarket of Philadelphia. It features five loading docks, 15-foot clear heights, and A/C.

Frank Cullen and Chris Pennington with Binswanger represented the sellers in both transactions. The buyer handled both sales in-house.

Please see CoStar COMPS #2928186 and #2922083 for additional information on these two deals.
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